Bitcoin’s Mayer Multiple: A Dance with the Devil at 0.6?

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Ah, the capricious waltz of Bitcoin, that digital chimera, has once again ensnared the minds of the financially besotted. Recent on-chain whispers-those arcane scribbles of the crypto soothsayers-suggest that the price of this elusive beast is teetering on the precipice of a cyclical abyss. Or is it? The market, ever the melodramatic diva, raises its eyebrows in suspicion.

Mayer Multiple Plummets to 0.6: A Harbinger of Doom or a Farce?

In a missive from the CryptoQuant oracle, the enigmatic Ruga Research has proclaimed that Bitcoin’s price now wallows in a 40% chasm below its 200-day moving average. This, dear reader, is the lament of the Mayer Multiple, a metric as fickle as a Moscow winter. It divides the price by its 200-day moving average, a mathematical ritual to discern whether the coin is trading in the realm of the divine or the damned.

When the Multiple whispers “1,” it is but a mere mortal, trading at its 200-day MA. Above 1, it struts like a peacock in the bull market’s salon. Below 1, it slinks into the discount zone, where the shrewd accumulate their treasures. Yet, when it plunges below 0.8, it is as if the coin has been cast into the abyss, a victim of capitulation’s cruel embrace.

Historically, this metric has been a theatrical performer, with thresholds that shift like the sands of time. Above 2.4, it screams “Bubble!”-a siren’s call to the unwary. Between 1 and 1.5, it is the bull’s playground. But now, at 0.6, it stands at a statistical extreme, a clown teetering on the edge of the circus ring.

Ruga Research, with a wink and a nod, reminds us that history repeats itself-but with a twist. In December 2018, the Multiple slumped to 0.5-0.6, near Bitcoin’s $3,200 nadir, only to rebound with a 540% crescendo. The COVID crash echoed this farce, with a 1,100% recovery. And in November 2022, the Multiple’s plunge to 0.6 preceded a 170% ascent. Yet, the oracle cautions: this metric is no crystal ball. It merely hints at the long-term ballet, while the short-term chaos continues its mad jig.

Could the Multiple sink further into the abyss? Or will it consolidate, biding its time before the next grand leap? The market, ever the trickster, keeps its cards close to its chest.

Bitcoin Price: A fleeting Glimpse

At the stroke of this quill, Bitcoin stands at $70,383, a 2% leap in the past 24 hours. But in this theater of the absurd, who can say how long the curtain will remain raised?

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2026-02-08 16:18